QC Copper & Gold Closes $5 Million Financing
QC Copper & Gold Closes $5 Million Financing
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
./
TORONTO
,
Nov. 30, 2020
/CNW/ - QC Copper and Gold Inc. ("
QC Copper
" or the "
Company
")
(TSXV: QCCU), is pleased to announce that it has closed its previously announced non-brokered
private placement for aggregate proceeds of
$5,000,260
(the "Offering"). Upon closing of the
offering, the Company issued:
22,667,066 Units ("Hard Dollar Units") at a price of
$0.15
per unit for gross proceeds of
$3,400,059.95
, where each Hard Dollar Unit consists of one common share and one half of one
common share purchase warrant. Each whole warrant will entitle the holder to purchase one
additional common share of the Company at a price of
$0.20
for a period of 24 months from the
date of issuance.
8,890,001 Flow-Through Units ("FT Units") at a price of
$0.18
per unit for gross proceeds of
$1,600,200.16
, where each FT Unit consists of one flow through common share and one half of
one common share purchase warrant. Each whole warrant will entitle the holder to purchase
one additional common share of the Company at a price of
$0.22
for a period of 24 months
from the date of issuance.
The Company intends to use the net proceeds from the sale of Units towards its exploration and
development work on the Opemiska Copper Project in
Chapais, Quebec
, and for general corporate
and working capital purposes. The Company intends to use the net proceeds from the sale of FT
Units towards its exploration work on the Opemiska Copper Project in
Chapais, Quebec
.
The Common Shares and Warrants underlying the Hard Dollar Units and the FT Common Shares
and FT Warrants underlying the FT Units issued under the Offering will have a hold period of four
months and one day closing of the Offering.
In consideration for introducing certain subscribers to the Offering, the Company has paid certain
arm's length finders an aggregate of 1,837,266 Hard Dollar Units.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the
securities in
the United States
. The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "
U.S. Securities Act")
or any state
securities laws and may not be offered or sold within
the United States
or to, or for the account or
benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state
securities laws, unless an exemption from such registration is available.
About the Opemiska Copper Complex
The Opemiska Copper Complex is located adjacent to Chapais,
Quebec
, within
the Chibougamau region. Opemiska is also within the Abitibi Greenstone belt and within the
boundaries of the Province of Quebec's Plan Nord, which promotes and funds infrastructure and
development of natural resource projects. The Opemiska property covers 12,782 hectares and
covers the past producing Springer, Perry, Robitaille and Cooke mines, owned and operated
by Falconbridge. The project has the ideal in-place infrastructure, including a power station and
direct access to Highway 113 and the Canadian National Railway.
For information and updates on QC Copper and Gold, please visit:
www.qccopper.com
And please follow us on Twitter @qccopper
Forward Looking Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release. Certain information in this press release may contain forward-looking statements. This
information is based on current expectations that are subject to significant risks and uncertainties
that are difficult to predict. Actual results might differ materially from results suggested in any
forward-looking statements. QC Copper and Gold Inc. assumes no obligation to update the
forward-looking statements, or to update the reasons why actual results could differ from those
reflected in the forward looking-statements unless and until required by securities laws applicable
to QC Copper and Gold Inc. Additional information identifying risks and uncertainties is contained
in filings by QC Copper and Gold Inc. with Canadian securities regulators, which filings are
available under QC Copper and Gold Inc. profile at
www.sedar.com
.
SOURCE
QC Copper & Gold Inc.
View original content:
http://www.newswire.ca/en/releases/archive/November2020/30/c6024.html
%SEDAR: 00045293E
CO: QC Copper & Gold Inc.
CNW 08:00e 30-NOV-20